How to Set Your Business up for Success

As specialists in bookkeeping and tax services, we’re often asked a lot of questions that fall outside of the tax world. And we love to help small businesses!

One of the most common questions we get is, “How do I set my business up to succeed?” That’s a big question, but there are certainly a lot of things you can do. Many of these “hacks” are free/ affordable things you can start doing today.

Here are a few of them.

Don’t be Afraid to Make Mistakes

The best things that happen in business happen after several failures. The difference between people who succeed and those who don’t is the time it takes to get back up.

They say, “When you lose, don’t lose the lesson.” Take your defeats and then take them apart. Find the lesson and you will grow.

Remember: Small Means Nimble

Whatever sector you’re in, you actually have a big advantage over the big companies.

Big companies tend to move more slowly. Being small can offer more flexibility in being creative, making decisions and implementing changes quickly.

You’re probably on the frontlines and face-to-face with your customers. You know what they want and you’re in a better position to respond to their changing needs. You don’t need to go through 8 levels of stakeholders and shareholders to make a change.

Take Advantage of Free Social Media

Make the most of free social media to distribute content and build your brand. Blog, tweet and build your network on Facebook.

When you do, leave the sales pitch at home. Be helpful and personable, without trying to sell your product or services.

People are out on social media, right now, asking questions about your industry. If you can be the one to answer their questions, the impact of that interaction sells itself. You’ve now positioned yourself as an expert in that person’s mind.

Be Decisive

Don’t wait for everything to be perfect. Strong decision-makers tend to leap without all the answers and trust that they’ll be able to build their wings on the way down.

As we have already covered, your adaptability is one of your strengths. So don’t bog yourself down and take away a huge competitive advantage by waiting for everything to be “perfect.”

Bring on Only Really Good People

Hiring good people is key. The right choice can propel your business forward, while the wrong choice can jeopardize success and negatively affect the good people you already have.

Facebook, Linkedin and Twitter have given entrepreneurs the ability to screen job candidates like never before. Take full advantage of this.

And always ask for (and call!) an applicant’s references. This is free and remains one of the best ways to find out how an applicant really performs.

Do More of What’s Already Working

The next project or new strategy is always exciting, but you can build your business by doing more of what’s already working today.

It may not always be what you’re expecting. A product or service may really connect with your customers in a way you didn’t anticipate. But find out why the demand is there, and find new ways to give your customers more of it.

Never Stop Networking

Never stop meeting new people. Seek out new contacts and fellow business owners. Nurture relationships that inspire you to succeed. As a self-employed person, you simply can’t stop growing your network.

You may think you’re too busy to network, but that can never be the case.

Even reaching out to your previous/existing customers with a friendly email or chat can unearth new opportunities.

Be Different

Be creative. Get out of your comfort zone, do things differently, keep learning and stretch your abilities.

It’s impossible to grow your business without growing personally along the way.

Ask Us About Our Entrepreneurial Support

We offer a combined total of over 40 years experience in bookkeeping, taxation and entrepreneur support. We provide accounting services for small to medium sized businesses.

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